Indian Oil Corporation Limited (Indian Oil) and a battery technology-based startup under the Panasonic Group, Panasonic Energy Co. Ltd., have entered into a binding term sheet to establish a joint venture for manufacturing cylindrical lithium-ion cells in India. The aim is to cater to the growing demand for batteries for two- and three-wheel vehicles and energy storage systems in the Indian market. This agreement follows the signing of a Heads of Agreement in January 2024. The two companies are conducting a feasibility study on battery technology utilization to facilitate India’s transition to clean energy. The collaboration aims to be finalized by the summer of this year.
The term sheet was signed in the presence of Mr. Shrikant Madhav Vaidya, Chairman, IndianOil and Mr. Kazuo Tadanobu, President & CEO, Panasonic Energy Co. Ltd. Through its partnership with Panasonic Energy, IndianOil aims to address environmental…
